On the Radar: Fast and Furious hearing, EU summit, ex-coach's accuser
U.S. Attorney General Eric Holder is set to testify about Operation Fast and Furious before a House panel Thursday.
December 8th, 2011
08:22 AM ET

On the Radar: Fast and Furious hearing, EU summit, ex-coach's accuser

Three things to follow Thursday:

Fast and Furious hearing: U.S. Attorney General Eric Holder faces what is expected to be a stormy congressional hearing on a flawed gun sting operation known as Fast and Furious.

Holder on Thursday is due to testify in front of a House panel investigating possible wrongdoing in the operation, which was run by the Bureau of Alcohol, Tobacco, Firearms and Explosives. The progam, which began in 2009, allowed illegally purchased firearms to be taken from gun stores in Arizona across the U.S.-Mexico border to drug cartels. The intent was to monitor the flow of weapons to their ultimate destination.

However, hundreds of weapons were lost or unaccounted for, and a storm of outrage erupted when two of the missing weapons were found at the site where Border Patrol agent Brian Terry was killed last December.

About 1,400 internal documents about the operation were delivered to three congressional committees last week. One Republican senator on Wednesday called on Assistant Attorney General Lanny Breuer to resign, alleging that Breuer had been dishonest with Congress about his knowledge of Operation Fast and Furious.


November 3rd, 2011
10:38 AM ET

Europe heading toward mild recession, ECB chief says

Slow growth in Europe is heading the continent toward "a mild recession by year's end," European Central Bank President Mario Draghi said Thursday.

His comments came as the ECB cut its key interest rate - from 1.5% to 1.25% - for the first time in two years, reversing a direction set earlier this year. Less than four months go, it raised the rate in an effort to battle inflation.

Stocks jumped on the news of the rate cut. As of about 10 a.m. ET, the Dow Jones industrial average had spiked 127 points, or 1%. Britain's FTSE 100 rose 1.2%, the DAX in Germany spiked 3.7% and France's CAC 40 gained 2.4%. The euro also gained traction, rising 0.4% versus the dollar.

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Filed under: Business • Economy
On the Radar: GOP primary shakeup, jittery investors, baseball playoffs
It looks like the GOP presidential candidates are going to chase primary votes in Florida earlier than the RNC would like.
September 30th, 2011
10:55 AM ET

On the Radar: GOP primary shakeup, jittery investors, baseball playoffs

Three things to know today:

GOP primary shakeup

Florida Secretary of State Kurt Browning is expected to announce Friday that the state will move its GOP primary date to the end of January, which will probably cause a chain reaction of scheduling changes by the four states that typically open the nomination process. According to state officials, the Florida commission set up to examine potential election dates is expected to move Florida's primary to January 31, moving the state’s primary to the No. 1 slot, at least temporarily, on the Republican Party’s primary schedule.

The move would be the second consecutive presidential election that Florida has moved its primary date in front of its traditional March spot. In the 2008 race, the state chose to hold its primary on January 29, and the Republican National Committee responded by docking Florida of half of its delegates. The RNC wants only four states – Iowa, New Hampshire, Nevada and South Carolina – to hold their primaries or caucuses before Super Tuesday, and says that any state that chooses to move in front of those four will lose some of its delegates.

Florida’s primary shuffle has once again caused a stir among GOP leaders in the first four “carve-out” states, with New Hampshire Secretary of State Bill Gardner telling the Portsmouth Herald that he will do “whatever it takes” to ensure that the state remains at the front of the process to protect “the little guy." Nevada officials have responded similarly, saying that they might move the state’s caucuses up as early as January 21.


On the Radar: Palestinians' bid, falling satellite, wobbly stocks
September 23rd, 2011
10:20 AM ET

On the Radar: Palestinians' bid, falling satellite, wobbly stocks

Three things you need to know today:

Palestinians' expected bid for full U.N. membership

Palestinian leader Mahmoud Abbas (pictured) is expected to submit a formal request for full U.N. membership for his territories on Friday, the day he is scheduled to address the U.N. General Assembly. He's expected to speak sometime after 11 a.m.

The bid seems unlikely to succeed because the United States has vowed to block a Palestinian membership application should it reach the U.N. Security Council.  The Obama administration has expressed concern that Palestinian action at the United Nations could intensify conditions on the ground and delay already stalled negotiations with Israel.

A successful vote would not lead to an established Palestinian state with defined borders, but it would afford the Palestinian government an upgraded international status, allowing them to pursue legal actions against Israel.


September 22nd, 2011
04:11 PM ET

Dow drops 391 points

Stock prices sank Thursday - with the Dow Jones industrial average dropping 391 points - after dour comments about the economy from the Federal Reserve.

Seeking safe havens, investors moved into U.S. Treasuries, which rallied and pushed the yield on the 10-year note down to new record lows.

Nasdaq Composite and the S&P 500 sank more than 3%.

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Filed under: Business • Economy
Dow drops 634 points after S&P downgrade
August 8th, 2011
04:16 PM ET

Dow drops 634 points after S&P downgrade

[Updated at 4:16 p.m.] The Dow Jones Industrial Average has suffered its worst one-day loss since December 2008, plummeting 634.76 points - to 10,809.85 - after S&P downgraded its rating for U.S. credit.

Monday's preliminary figure, after trading ending at 4 p.m. ET, represents a one-day loss of 5.5%. The Dow is below 11,000 for the first time since November.

The S&P 500 fell 6.6% and Nasdaq Composite was down around 6.9%.

[Updated at 2:27 p.m.] Dow extends loss to 600 points as stock sell-off accelerates.

[Updated at 2:03 p.m.] Dow drops 450 points, falling below 11,000 for first time since last November, as sell-off extends.

[Updated at 1:57 p.m.] President Barack Obama said Monday that the downgrade of the U.S. credit rating by Standard & Poor's occurred because "they doubted our political system's ability to act."

[Updated at 10:33 a.m.] Stocks extend losses after Mortgage finance agencies Freddie Mac and Fannie Mae were downgraded by S&P, following downgrade of the United States. Dow falls more than 300 points.

[Updated at 10:09 a.m.] U.S. stocks plunged Monday as Wall Street had its first opportunity to react to Standard & Poor's downgrade of U.S. debt.


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Filed under: Business • Economy • Finance
Dollars & Sense: $3,000 average tax refunds; world’s fastest electric car
People wait to file taxes in New York on April 15. The IRS doled out $328 billion in refunds last year.
January 14th, 2011
05:05 PM ET

Dollars & Sense: $3,000 average tax refunds; world’s fastest electric car

A roundup of today's CNNMoney news:

Average tax refund in 2010: $3,003: The IRS doled out refunds totaling $328 billion in 2010, a nearly 3% rise from 2009. The jump was one of the biggest in years, thanks in part to several tax credits.

Spending fast: I paid off $18,000 in a year: This freelance photographer set out to cut her debt by spending ONLY on necessities. That meant no more eating out, no more movies, no more shopping. It was tough … but it worked.

The world's fastest electric car (video): Venturi Motors, in collaboration with Ohio State University, set a world record for fastest electric car.

Autoworkers get fat profit-sharing bonuses: GM, Ford and Chrysler want to tie new labor contracts to profits, vehicle quality and other performance measures, rather than straight wage increases. That could bode well for autoworkers.

California insurer bows to 59% rate hike backlash: A week after announcing that it would increase premiums by as much as 59%, Blue Shield of California has hired an outside expert to review its move, promising to make refunds to its policy holders, with interest, if the new rates are found to be excessive.

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Filed under: Auto Industry • Business • Dollars & Sense • Economy
Dollars & Sense: Inside the gold boom; IBM's Jeopardy computer
Companies that mine for gold are grabbing big profits.
January 13th, 2011
05:04 PM ET

Dollars & Sense: Inside the gold boom; IBM's Jeopardy computer

A roundup of today's CNNMoney news:

Digging for gold – 2 miles down (video): With gold selling near record highs of $1,400 an ounce, demand has never been higher - and that means big profits for the companies who drill and blast it out of the ground. An exclusive look inside one of the biggest gold mines in the country in rural Nevada.

My 3-year-old got a credit card offer: When a CNNMoney writer's 3-year-old daughter received a credit card offer in the mail, she laughed at first. Then she pondered the financial implications.

5 states where jobs are getting worse: States like Nevada and Colorado have seen their unemployment rates skyrocket. Here's why, and what they're doing about it.

Verizon scraps ‘new every two’ credit: Verizon Wireless customers will generally no longer be able to get credits of $30 to $100 off the already-discounted price of a new phone, starting January 16. Current Verizon customers who are eligible for the credit still will be able to use them toward Verizon iPhones when they go on sale next month.

IBM’s Jeopardy computer: Watson, which takes its name from the surname of IBM founder Thomas J., is a computing system that aims to "understand" language as humans naturally speak it. And that's no easy feat! But in a 15-question round, Watson fielded about half the questions - and got none wrong.

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Filed under: Business • Economy • Technology
September 17th, 2010
01:55 PM ET

Obama names Warren to consumer protection post

President Obama announced Friday that he's appointing Harvard law professor Elizabeth Warren to a key role crafting the consumer financial protection bureau that was her idea in the first place.

"Getting the agency off the ground is a task that can't wait," Obama said. Warren "is the best person to stand this agency up...it only make sense that she should be the artchitect," he added.

Warren, 61, said she "enthusiastically agreed" to serve as a special adviser in the Obama administration, in a blog post appearing on the White House Website.


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Filed under: Barack Obama • Economy
March 10th, 2010
03:12 PM ET

Unemployment bill passes Senate

The Senate on Wednesday approved a wide-ranging bill that would push back the deadline to file for extended unemployment insurance until year-end and extends dozens of expired tax breaks.


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